Best Fuel Credit Card - 7.25% Cashback

XY- Axis Education

23 Sept 202411:59

Summary

TLDRThis video discusses the SBI BPCL Octane Credit Card, which offers excellent cashback for fuel purchases. The card provides up to 6.25% cashback on Bharat Petroleum fuel transactions and an additional 1% surcharge waiver. It also includes benefits like dining, grocery, and movie cashback, airport lounge access, and milestone rewards. Despite the annual fee of ₹1499, users can effectively recover this cost through reward points and cashbacks. The video also explains the step-by-step process of applying for the card online, making it an attractive option for frequent fuel consumers.

Takeaways

⛽ The SBI BPCL Octane Credit Card is recommended for saving on fuel expenses.
💳 It offers a 6.25% cashback on fuel purchases, plus an additional 1% for fuel surcharge waiver, totaling 7.25% benefits.
🏷️ The card has a joining fee and annual fee of ₹1499, plus 18% GST.
🎁 As a welcome benefit, users receive 6,000 reward points, equivalent to ₹1500, making the card effectively free for the first year.
🛑 There’s a cap of ₹250 per month on the maximum cashback you can earn from fuel purchases.
🎬 Additional cashback of 5% is available on dining, departmental stores, groceries, and movies.
💼 After spending ₹2 lakh in a year, users can get the annual fee waived for the next year.
✈️ The card also offers access to 4 complimentary airport lounge visits annually.
📝 Users can apply for the card online by filling out their personal, PAN card, and employment details.
📊 The card is especially beneficial for those with heavy fuel expenses, but there are caps in place to limit the total monthly savings.

Q & A

What is the main benefit of the SBI BPCL Octane credit card?
-The main benefit is the 6.25% cashback on fuel purchases at Bharat Petroleum petrol pumps, which helps users save money on fuel expenses.
Why does the SBI BPCL Octane card advertise a 7.25% cashback, but only provide 6.25%?
-The 7.25% includes a 6.25% cashback and an additional 1% fuel surcharge waiver. However, the actual cashback is 6.25%, and the rest is the surcharge waiver.
What are the fees associated with the SBI BPCL Octane credit card?
-The card has a joining fee and an annual fee of ₹1499 each, plus 18% GST. However, users receive 6,000 reward points as a welcome benefit, which offsets the joining fee.
How can users apply for the SBI BPCL Octane credit card?
-Users can apply by following a step-by-step process on the official website, starting with personal details, mobile number verification, city selection, PAN card details, and employment information.
What is the maximum cashback a user can earn per month with this card?
-The maximum cashback a user can earn on fuel purchases is ₹250 per month, regardless of how much they spend on fuel.
What are some other cashback categories offered by the SBI BPCL Octane credit card?
-Apart from fuel, users can earn 5% cashback on dining, departmental store purchases, movie tickets, and grocery shopping.
Does the SBI BPCL Octane card offer airport lounge access?
-Yes, the card offers four complimentary airport lounge accesses per year.
How can users waive the annual fee for the second year?
-Users can waive the annual fee by spending ₹2 lakhs in the previous year.
What is the milestone benefit of the SBI BPCL Octane credit card?
-If users spend ₹3 lakhs in a year, they can earn additional milestone benefits, including ₹2000 in rewards.
How does the card’s reward system work for new users?
-Upon joining, users receive 6,000 reward points as a welcome benefit, which is worth ₹1500 and helps offset the joining fee.

Outlines

00:00

⛽ Fuel Savings with SBI BPCL Credit Card

This paragraph introduces a discussion about the SBI BPCL Octane Credit Card, which is designed to maximize fuel savings. The card offers a significant 6.25% cashback on fuel purchases, though it is often advertised as 7.25% by including a 1% fuel surcharge waiver. The author breaks down how this cashback works and emphasizes the savings potential, especially for regular fuel consumers at BPCL petrol pumps.

05:01

💳 Credit Card Benefits and Application Process Overview

This section expands on the features of the SBI BPCL Octane Credit Card. It outlines the joining and annual fees, explaining the ₹1499 cost and the added GST. However, it reassures viewers with the welcome benefit of 6,000 reward points, equating to ₹1500, effectively offsetting the fees. The author also touches on the card's fuel cashback limit of ₹250 per month and suggests that users with higher fuel expenses could benefit from acquiring multiple cards for family members.

10:03

🚗 Expanding Savings Beyond Fuel with SBI BPCL Card

This paragraph discusses additional cashback features beyond fuel savings. The card offers 5% cashback on purchases in categories like dining, groceries, movies, and departmental stores. It compares this card to other SBI cards like the SimplyCLICK, which offers 2% cashback but has specific partner brands. The author emphasizes the SBI BPCL Octane Card’s broader benefits, making it a top contender for maximizing savings, not just on fuel, but also on everyday spending.

Mindmap

Keywords

💡SBI BPCL Octane Credit Card

The main subject of the video, this is a co-branded credit card offered by State Bank of India (SBI) in partnership with Bharat Petroleum Corporation Limited (BPCL). It is highlighted as the best option for individuals looking to save money on fuel expenses. The video discusses its features, benefits, and application process in detail.

💡Fuel Cashback

A significant benefit of the SBI BPCL Octane Credit Card is the cashback provided on fuel purchases. The video explains that users can receive a cashback of 6.25% on fuel transactions, making it a cost-effective option for regular fuel expenses. This is a core feature of the card and differentiates it from other credit cards in the market.

💡Joining Fee

The video mentions the joining fee for the credit card, which is ₹1499. This is an upfront cost that the user has to pay when applying for the card. The speaker clarifies that although this fee might seem high, it is offset by the benefits provided, such as cashback and reward points, which make the card valuable in the long run.

💡Annual Fee

An annual fee of ₹1499 is also associated with the SBI BPCL Octane Credit Card. This fee is charged every year for maintaining the card. The video explains that if the user spends a certain amount within the year, they can get the annual fee waived, making it a beneficial option for high spenders.

💡Reward Points

The credit card offers reward points as a welcome benefit. The video states that users receive 6000 reward points upon joining, which can be redeemed against various offers. This is equivalent to the joining fee, essentially making the card free for the first year if these points are utilized effectively.

💡Fuel Surcharge Waiver

A key benefit of the card, as explained in the video, is the fuel surcharge waiver. This means that users do not have to pay the usual extra charge levied on fuel transactions. The video clarifies that this waiver is why the card is advertised as offering 7.25% savings, although the actual cashback is 6.25%.

💡Monthly Cashback Limit

The video discusses a limitation of the credit card: a maximum cashback limit of ₹250 per month. This means that even if a user spends a large amount on fuel, the cashback they receive will not exceed ₹250 in a single month. This is an important constraint for potential users to consider.

💡Milestone Benefit

If a user spends ₹2 lakh in a year, they can receive a milestone benefit. The video mentions this as an additional incentive for those who use the card frequently, offering extra rewards for high spenders.

Highlights

Discussion on SBI BPCL Octane credit card, which is best for saving money on fuel.

The 7.25% cashback is split into 6.25% cashback and 1% fuel surcharge waiver.

This card is tied up with Bharat Petroleum (BPCL), so cashback benefits are limited to BPCL fuel stations.

Joining and annual fee for the SBI BPCL Octane card is ₹1,499 plus 18% GST.

Welcome benefit of 6,000 reward points, which can be redeemed for ₹1,500.

The card offers a maximum monthly cashback of ₹250 on fuel.

BPCL app transactions also earn 6.25% cashback, but capped at ₹150 per month.

Additional 5% cashback on dining, departmental stores, groceries, and movie expenses.

Cardholders get four complimentary airport lounge access per year.

Annual fee is waived if total spending exceeds ₹2,00,000 per year.

The card is suitable for families with multiple vehicles by applying for multiple cards to maximize savings.

Best cashback card for fuel purchases compared to other bank credit cards in the market.

Card approval is relatively fast if you have a good CIBIL score and submit required documents promptly.

Overall conclusion: The SBI BPCL Octane credit card offers significant savings on fuel and other categories despite its ₹1,499 fee.

Step-by-step guide on how to apply for the SBI BPCL Octane credit card through the provided online process.